ONTARIO, CA-The Hileman Co. of Los Angeles and Pacific Coast Capital Partners of El Segundo have acquired a 16-acre class A office campus for $52 million and plan to start construction immediately on a new 150,000-sf, $40 million building. The project, located within the Centrelake Development at Haven Avenue and Guasti Road, consists of two fully leased office buildings known as University Plaza and Sterling Center totaling 175,000 sf, plus nearly eight acres of entitled land.

Hileman, which is completing its $60-million HavenPark mixed use project in nearby Rancho Cucamonga, says it will invest “significant capital” to rebrand and market the new acquisition, beginning with a name change to Waterside Center. According to Jack Hileman, founding partner and president of the Hileman Co., the plans for the new 150,000-sf building are based on the success of HavenPark and “the still exploding Ontario Airport office market.”

The new building that Hileman and PCCP will develop will be called Waterside Center II and is expected to be completed in July 2008. The development team isexploring options for the third phase which could include office space,hotel or both, according to Hileman.

Hileman comments, “I have seen every development site and opportunity in this market over the past two years while working on HavenPark, and this is by far thebest.” The new owners of the Waterside Center are moving quickly with construction of Waterside Center II “to meet the demand for quality space while the vacancy rate is still very low, and do that ahead of other planned projects,” Hileman says.

The acquisition is the first major office investment in the Inland Empire by Pacific Coast Capital Partners, which invests in value-added real estate, with a focus on the Western US. Managing director Greg Galusha of PCCP calls the Inland Empire “arguably one of the most attractive investment markets” in the US.

The Hileman-Pacific Coast joint venture bought the Waterside office campus from the Trenton Group in a transaction that was brokered by CB Richard Ellis. Both the buyer and the seller were represented by the CBRE team of Darla Longo, Taylor Ing, Barbara Emmons and Michael Day.

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